The Globe and Mail reports in its Friday, Jan. 5, edition that ATB Capital analyst Nate Heywood commenced coverage of TC Energy with a "sector perform" recommendation, believing it benefits from "underpinning rate-regulated and contracted cash flows, which offer long-term predictability and account for 97 per cent of EBITDA." The Globe's David Leeder writes that Mr. Heywood set a share target of $54. Analysts on average target the shares at $53.18. Mr. Heywood says in a note: "The legacy asset base consists largely of natural gas pipeline assets in Canada, the U.S., and Mexico, and are further complemented by the liquids pipelines and power divisions. However, TC Energy is currently pursuing a spinoff of liquids to create a pure-play, independent, publicly-traded entity called South Bow, and unlock shareholder value in its remaining legacy business. Following a period of significant development and major projects, TC Energy is entering an execution phase and is expected to remain disciplined through achievement and maintenance of a more conservative leverage profile target of 4.75 times debt/EBITDA (by year-end 2024). The recent growth initiatives are expected to grow EBITDA at an 7-per-cent CAGR."